Maldives and ESR debut high-yield notes

A pair of first-time issuers tapped the high-yield bond market on Wednesday, with warehouse and distribution centre operator ESR selling a $100 million unrated perpetual bond and the Republic of Maldives raising $200 million from a five-year note.

The demand for the two Reg S offering was tepid, as investors turned cautious ahead of the next meeting of US Federal Reserve policymakers in mid-June. The prospect of the US central bank raising short-term interest rates…